Customizing an accounting process for a hotel business of a family group of companies
Date of Publication
7-18-2018
Document Type
Insider Action Research
Degree Name
Master of Business Administration
Subject Categories
Accounting
College
Ramon V. Del Rosario College of Business
Department/Unit
Management and Organization
Thesis Adviser
Rachel Alvendia Quero
Defense Panel Chair
Maria Victoria P. Tibon
Defense Panel Member
Jaime T. Cempron
Frances Jeanne Sarmiento
Abstract/Summary
K1 Hotel is family-owned business and the first venture into the hotel industry of the Mother Company. This action research addressed the issue of inaccurate financial reports due to lack of clarity in accounting roles and lack of accounting skills in using the Hermes accounting program. As a non-family member working as Internal Auditor in K1 Hotel, I used the Three-Circle Family Business Model to guide me in working closely with my research collaborators, composed of family and non-family members of K1. In Cycle 1 of this action research, we tried to produce accurate financial reports through customization of K1 Hotel’s accounting process by improving the Chart of Accounts and training the Income Auditor on the basics of accounting and on using the Hermes accounting software. We used the FASB Conceptual Framework to ensure that all our improvements in the accounting process abide with the generally accepted accounting principles. Through this action research, the roles of the Accountant and Income Auditor were defined. Also, based on the Kirkpatrick’s Model of Training Evaluation, the performance of the Income Auditor improved, although she was still not able to deliver everything well. In Cycle 1, we achieved the completeness of accounting records, but accuracy of the financial statements was still an issue. Thus, we implemented Cycle 2 of this action research. We identified the accounting errors and corrected them through collaboration. However, we were not able to produce a 100% accuracy in the financial reports due to the Income Auditor’s inadequate accounting skills. Had I been given a chance to have a third cycle of action research, I would have pursued the issue of mismatched job requirements and accounting staff’s qualifications.
Abstract Format
html
Language
English
Format
Electronic
Accession Number
CDTG007456
Shelf Location
Archives, The Learning Common's, 12F Henry Sy Sr. Hall
Physical Description
1 computer optical disc; 4 3/4 in.
Keywords
Family-owned business enterprises; Hotels—Finance
Upload Full Text
wf_no
Recommended Citation
Bautista, M. V. (2018). Customizing an accounting process for a hotel business of a family group of companies. Retrieved from https://animorepository.dlsu.edu.ph/etd_masteral/7267
Embargo Period
11-12-2024
